GAO Audit Exposes Fed's Corruption Once Again

Discussion in 'Media' started by hvactec, Jul 21, 2011.

  1. hvactec

    hvactec VIP Member

    Jan 17, 2010
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    Today, in addition to the official launch of Europe's PPT, we get a reminder that our own version, the Federal Reserve, is as criminal and corrupt as always, especially when working in conjunction with that old standby, Goldman Sachs. Just like back in 2009 and 2010 it was discovered that former Goldman director and New York Fed Chairman Stephen Friedman had bought tens of thousands of shares of Goldman stock while the entire system was being bailed out by the very same Fed, so today we learn that another former Goldmanite and then Plunge Protection Head team (i.e., Brian Sack predecessor) Bill Dudley had held shares of AIG stock while the Fed was arranging the bailout of the doomed insurer. But it's all good: Dudley had a waiver. Mostly likely signed by his then boss and former Goldman coworker Friedman. We wonder if it was Dudley who signed Friedman's waiver? From Bloomberg: "The Federal Reserve Bank of New York’s William C. Dudley got a waiver in 2008 to keep personal financial holdings of American International Group Inc. (AIG) after the company received a Fed rescue, a U.S. senator said. Dudley, who was the New York Fed’s markets-group chief at the time and is now the bank’s president, is the senior New York Fed official identified in a Government Accountability Office report today as receiving the waiver, Senator Bernard Sanders, a Vermont Independent, said today in a statement. Jack Gutt, a New York Fed spokesman, declined to comment." Of course, when one is from Goldman, one does not care about the glaring impropriety of one's actions. After all, one rules the world. And speaking of Bernie Sanders, he earlier tore the Fed a new one, after he released details of the Fed's GAO audit and took every opportunity to make his opinion on the master criminals well-known: "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," he said.

    read more GAO Audit Exposes Fed's Corruption Once Again | zero hedge

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